On Solving Europe’s Financial Issues to Promote Sustainable Growth

Adrian Blundell-Wignall and Caroline Roulet

Chapter 12 in Managing Risks in the European Periphery Debt Crisis, 2015, pp 212-236 from Palgrave Macmillan

Abstract: Abstract While the financial crisis is global in nature, Europe has its own special brand of institutional arrangements that are being tested in the extreme and which have exacerbated the financial crisis. The monetary union is being subjected to asymmetric real shocks, both from abroad and internally. With its inability to adjust exchange rates, these pressures are forced through the labour market and cause unemployment. This has led some countries over past years to try to alleviate pressures with fiscal slippage. The resulting indebtedness has been exacerbated by the financial crisis and recession and this, in turn, has contributed to underlying financial instability.

Keywords: Euro Area; European Central Bank; Credit Default Swap; Monetary Union; Market Making (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-30495-7_12

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DOI: 10.1057/9781137304957_12

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